Chemical industry investment in the United States has topped $100 billion, driven by plentiful and affordable natural gas and natural gas liquids from shale formations. Chemical companies from around the world have announced that they plan to expand U.S. production capacity – creating jobs, growing payrolls, and enabling new tax revenue for America.
As of February 2014, 148 projects valued at $100.2 billion have been announced, with more than half the investment coming from firms based outside the U.S. These projects – new factories, expansions, and process changes to increase capacity – could lead to $81 billion per year in new chemical industry output and 637,000 permanent new jobs across the economy between 2010 and 2023. An additional 222,000 temporary jobs will be created during the capital investment phase, which peaks in 2016.
ACC’s latest analysis updates data contained in the report, “Shale Gas, Competitiveness, and New U.S. Chemical Industry Investment – An Analysis of Announced Projects.” Released in May 2013, the report analyzed nearly 100 chemical and plastics projects totaling $71.7 billion in potential investment that had been announced through March 2013. Cumulative potential investment is growing as new projects are announced.